Regular Savings Accounts and Withdrawals

RayWolfe

If only!
AND about the Yorkshire, unfortunately, you're right.

tiptoe_mouse

Hi fatman,

I went for the lloyds one as I wanted a good rate with maximum flexibility. You don't have to actually use the current account - I opened mine without paying any money in or setting up DDs, or anything. It was all quite straight forward. Plus if you do decide to use the current account and pay in £1000 per month (and "use internet banking regularly" (?)) you'll get 4.25% interest on the first £5000. Not the best, but better than barclays' 0.1%.

I too have my main current acccount with Barclays, and so far they've managed not to mess anything up. I'm not sure I fancy the bother of moving all my DDs and SOs as well as salary mandate, so I'm staying put for now.

tiptoe

Special_Saver2

tiptoe_mouse wrote: »

Hi fatman,

I went for the lloyds one as I wanted a good rate with maximum flexibility. You don't have to actually use the current account - I opened mine without paying any money in or setting up DDs, or anything. It was all quite straight forward. Plus if you do decide to use the current account and pay in £1000 per month (and "use internet banking regularly" (?)) you'll get 4.25% interest on the first £5000. Not the best, but better than barclays' 0.1%.

I too have my main current acccount with Barclays, and so far they've managed not to mess anything up. I'm not sure I fancy the bother of moving all my DDs and SOs as well as salary mandate, so I'm staying put for now.

tiptoe

Sorry, I will just add that from later this month the interest on the Lloyds TSB current account will be 4.25% on the first £2,500 (no longer £5,000) and then 0.1% on all balances above £2,500. I received a letter earlier this month informing me.

Primrose

If you can't be totally certain that you won't need to withdraw any money paid monthly into a regular saver account I'm not sure why one would set one up in the first place. Perhaps you could either pay a smaller untouchable amount each month into your regular saver and pay the remainer of your monthly savings into somewhere like ICESAVE. Although if you're only paying a very low monthly amount into a Regular Saver, the amount of additional interest you will receive will be fairly low and possibly not worth the effort. And it's certainly not worth it if you have to go through the process of opening up a new current account and transferring all your standing orders and direct debts.

tiptoe_mouse

If you can't be totally certain that you won't need to withdraw any money paid monthly into a regular saver account I'm not sure why one would set one up in the first place. Perhaps you could either pay a smaller untouchable amount each month into your regular saver and pay the remainer of your monthly savings into somewhere like ICESAVE. Although if you're only paying a very low monthly amount into a Regular Saver, the amount of additional interest you will receive will be fairly low and possibly not worth the effort. And it's certainly not worth it if you have to go through the process of opening up a new current account and transferring all your standing orders and direct debts.

I'd just like to reiterate that with the LLoyds TSB account:
(a) You still gat the same great rate regardless of whether you miss payments, have to lower them, or make withdrawals.
(b) You do not have to transfer any standing orders or Direct Debits - just open a current account with them. As far as I can see you don't have to deposit a penny in it.
(c) You don't even have to feed you regular saver via the current account. It really is just for decoration!

tiptoe

tiptoe_mouse

Special_Saver2 wrote: »

Sorry, I will just add that from later this month the interest on the Lloyds TSB current account will be 4.25% on the first £2,500 (no longer £5,000) and then 0.1% on all balances above £2,500. I received a letter earlier this month informing me.

Pity. I thought it was strange that it was out of synch with other interest paying current accounts. Thanks for the update.

tiptoe